5 things to watch on the ASX 200 on Wednesday

Will the market be able to climb again today? Let's find out.

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On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a very strong session and raced higher. The benchmark index stormed 1.35% higher to 7,838.8 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to fall

It looks set to be a red day for the Australian share market on Wednesday despite a relatively positive session in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 36 points or 0.45% lower. On Wall Street, the Dow Jones was down 0.75%, but the S&P 500 pushed 0.4% higher and the Nasdaq climbed 1.25%.

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a tough day after oil prices pulled back overnight. According to Bloomberg, the WTI crude oil price is down 1.1% to US$80.77 a barrel and the Brent crude oil price is down 1.2% to US$84.94 a barrel. Easing tensions between Israel and Lebanon were behind the weakness.

Buy Bellevue Gold shares

The Bellevue Gold Ltd (ASX: BGL) share price is good value according to analysts at Goldman Sachs. This morning, the broker has initiated coverage on the gold miner with a buy rating and $2.20 price target. This implies potential upside of 24% for investors. It said: "With BGL largely through initial ramp up, we see the business well positioned amongst mid-cap peers at ~200-250kozpa gold production, with higher average grades and stronger margin generation, where low cost mill expansion/underground optionality support further upside."

Gold price falls

ASX 200 gold shares such as Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a subdued session after the gold price eased overnight. According to CNBC, the spot gold price is down 0.6% to US$2,331.1 an ounce. A stronger US dollar and widening bond yields put pressure on the precious metal.

Perpetual rated as a buy

Analysts at Bell Potter think investors should be buying Perpetual Ltd (ASX: PPT) shares. According to a note, the broker has reaffirmed its buy rating and $27.60 price target on the fund manager's shares. This implies potential upside of 30% for investors. Its analysts continue to believe that Perpetual's shares are undervalued by the market. They said: "We continue to see considerable upside from the current share price."

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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